编号：2026-004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称及 | 中金公司 傅铠铭、俞芳、徐啸天 | | 人员姓名 | 象屿创投 肖翔、刘荣 | | 时间 | 2026年3月2日 | | 地点 | 福建省厦门市海沧区翁角路268-1号 | | 上市公司接待人 员姓名 | 董事会秘书 马彬惠 | | | 1、公司在BOPA行业的生产和研发积累了哪些技术优势？ | | | 经过多年深耕与发展，公司已积淀形成深厚的技术优势：工 艺技术方面，公司是全球极少数同时成熟掌握机械分步拉伸、机 | | | 械同步拉伸以及磁悬浮线性电机同步拉伸工艺的厂商，多种生产 | | | 技术组合可针对下游客户的定制化需求进行柔性切换。上述技术 | | 投资者关系活动 | 使公司在双向拉伸薄膜领域具备显著技术优势。公司凭借丰厚的 | | 主要内容介绍 | 技术储备，能够持续在新材料领域挖掘高附加值、高技术壁垒的 | | | 高功能性膜材，以技术驱动 ...

Core Viewpoint - The company has successfully launched its first BOPP (Biaxially Oriented Polypropylene) new energy film production line, with plans for a second line to be operational by the second half of 2026 [1] Group 1: Production Capacity and Timeline - The first production line commenced operations in November 2025 and has achieved stable mass production of BOPP capacitor film products of varying thicknesses [1] - The annual production capacity of a single line is approximately 2,400 tons, depending on the thickness of the products [1] - The overall project is planned to include nine production lines, with the first phase consisting of two lines, and future investments will be made based on market demand [1]

Group 1: Company Strategy and Market Position - The company is establishing a BOPA film material project in Indonesia to address high demand across various sectors, including food, pharmaceuticals, and lithium batteries, as current production capacity is insufficient to meet market needs [1] - Indonesia's strategic location and tariff policies enhance the company's ability to serve local and regional markets while expanding its reach to Europe, thereby strengthening its global business presence and competitive edge [2] - The company aims to solidify its leading position in the BOPA film sector, with overseas sales increasing, and the project will support capacity expansion to meet growing market demands [1][2] Group 2: Production Capacity and Investment - The Indonesian project consists of two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational since January 2026, adding 25,000 tons of overseas capacity [2] - The company plans to raise funds through convertible bonds to finance the Indonesian project, which is expected to enhance production capabilities and operational efficiency [3] - The first BOPP new energy film production line was launched in November 2025, with a second line expected to start production in the second half of 2026, focusing on thin and ultra-thin film products with an annual capacity of approximately 2,400 tons [4] Group 3: Product Development and Competitive Advantages - The company's PHA lithium battery film serves as a protective layer for soft-pack lithium batteries, requiring high flexibility, puncture resistance, and impact resistance [5] - The company has successfully developed a solid-state battery-specific BOPA film and contributed to the drafting of industry standards for aluminum-plastic composite films used in solid-state batteries, which were published in September 2025 [5]

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 王晓波） 每经AI快讯，环球富盛理财1月30日发布中仑新材（301565.SZ）研报：1）在建项目为公司发展奠定基 础；2）公司为BOPA膜材龙头企业；3）布局BOPP新能源膜材打造第二成长曲线；4）经过数年的耕耘 和发展，公司已积淀形成深厚的技术优势；5）公司将紧密跟踪固态电池产业化进程。风险提示：原材 料价格波动风险、汇率波动的风险、业务规模扩张带来的管理风险。 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 ...

Group 1: Technical Advantages in BOPA Industry - The company has developed significant technical advantages in the BOPA industry, mastering multiple production techniques including mechanical stretching and magnetic levitation linear motor stretching, allowing for flexible customization to meet downstream client needs [1] - The company has established a comprehensive system for masterbatch formulation design and performance optimization, achieving breakthroughs in material blending and co-extrusion processes, enhancing material performance and functionality [2] Group 2: Solid-State Battery BOPA Film Material - The company's solid-state battery BOPA film material is well-suited for the development needs of solid-state batteries, offering advantages such as high energy density, safety, and long cycle life [3] - The soft-pack encapsulation solution using the company's BOPA film material is highly compatible with solid-state battery technology, addressing challenges related to flexibility and internal stress management [3] - The company’s subsidiary, Xiamen Changsu, pioneered the solid-state battery BOPA film material and has collaborated with industry partners to establish standards for aluminum-plastic composite films used in solid-state batteries [4] Group 3: Expansion in Indonesia - The company is establishing a high-performance membrane material project in Indonesia to address capacity bottlenecks and meet growing downstream demand across various sectors [5] - The Indonesian production base offers strategic advantages, including proximity to key markets and favorable tariff policies, enhancing the company's global competitiveness and risk management [5] - The project includes two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational, adding 25,000 tons of overseas capacity [6] Group 4: BOPP Film Production Progress - The first BOPP film production line was launched in November 2025, with a second line expected to be operational in the second half of 2026, focusing on thin and ultra-thin film products [7] - The BOPP film products are positioned for applications in thin film capacitors and battery electrode manufacturing, featuring high self-healing properties and stringent electrical performance standards [7] - The BOPP film industry has high entry barriers due to the technical complexity of production processes and material formulations, which are critical for achieving unique product characteristics [7]

Core Viewpoint - The global market for BOPP (Biaxially Oriented Polypropylene) films is highly concentrated in regions like Japan and Europe, where overseas manufacturers hold a technological advantage and dominate the high-end capacitor film market. Domestic manufacturers in China have developed later and primarily produce medium and thick films, leading to a significant gap in high-end ultra-thin electric-grade films, which are in high demand from downstream sectors like new energy vehicles and renewable energy [1]. Industry Summary - The global production capacity of electric-grade BOPP films is heavily concentrated in Japan and Europe, with these regions maintaining a leading position in technology and talent [1]. - Overseas manufacturers have established a strong foothold in the high-end capacitor film market, benefiting from early market entry and extensive technical reserves [1]. - The domestic BOPP film industry in China has achieved scale production but primarily focuses on medium and thick films, resulting in a long-term capacity shortfall for high-end ultra-thin films [1]. - There is a high dependency on imported products among downstream film capacitor manufacturers in China, with only a few local companies capable of mass production of high-end ultra-thin films [1].

Core Viewpoint - The company has successfully launched its first BOPP (Biaxially Oriented Polypropylene) film production line and is progressing with its expansion plans for additional production lines [1] Group 1: Production Progress - The first BOPP new energy film production line was officially put into operation in November 2025 [1] - The second production line is expected to commence operations in the second half of 2026 [1] - The first production line has achieved stable mass production of BOPP capacitor film products in various thicknesses [1] Group 2: Production Capacity and Future Plans - The focus of the BOPP production line is on thin and ultra-thin film products, with an estimated annual production capacity of approximately 2,400 tons per line, depending on product thickness [1] - The overall project plans to construct nine production lines, with the first phase involving the launch of two lines [1] - Future production line investments will be phased based on market demand changes [1]

Core Viewpoint - The company Zhonglun New Materials (301565) highlights the low domestic localization rate of electrical-grade polypropylene resin, which is crucial for BOPP (Biaxially Oriented Polypropylene) film production, and emphasizes the reliance on overseas suppliers for raw materials [1] Group 1: Industry Insights - The core raw material for BOPP new energy film is electrical-grade polypropylene, with the current domestic localization rate remaining low [1] - Major domestic chemical enterprises are working on technological advancements for the production of electrical-grade polypropylene resin [1] - The BOPP capacitor film industry has high entry barriers, primarily due to the quality differences in raw materials and the maturity of production technology [1] Group 2: Company Strategy - The company primarily sources electrical-grade polypropylene from overseas suppliers such as Nordic Chemicals, Korean Oil, and Singapore TPC [1] - The quality of polypropylene resin directly impacts the performance of the final product, creating a foundational barrier to entry [1] - The maturity of stretching technology and the uniqueness of masterbatch formulations are critical competitive barriers in achieving special product performance [1]

Core Viewpoint - The company has successfully launched its first BOPP (Biaxially Oriented Polypropylene) new energy film production line in November 2025, with a second line expected to commence production in the second half of 2026 [2] Production Capacity and Product Focus - The first production line has achieved stable mass production of BOPP capacitor film products of varying thicknesses, with thin film products having completed downstream customer verification and entered the mass delivery phase [2] - The ultra-thin film products have been successfully produced and are currently undergoing downstream customer verification [2] - The BOPP production lines focus on the thin and ultra-thin film product segments, with an estimated annual production capacity of approximately 24 million tons per line, depending on product thickness [2] Future Expansion Plans - The overall project plans to construct nine production lines, with the first phase involving the launch of two lines, and subsequent lines to be developed based on market demand changes [2]

Production Capacity and Planning - The current annual production capacity of PA6 chips is 145,000 tons, with a planned additional capacity of 210,000 tons by 2027, including 140,000 tons from IPO funding and 70,000 tons from self-financing [1] - The company has 14 BOPA film production lines with a total capacity of 145,000 tons, with plans to add 40,000 tons in the Quanzhou base and 90,000 tons in Indonesia by 2027 [2] Market and Customer Insights - In the first half of 2025, overseas revenue accounted for over 50% of total sales, indicating significant growth in international markets [3] - The company has established a strong overseas marketing team, covering key regions such as Europe and Southeast Asia, which supports market expansion after the establishment of production capacity in Indonesia [7] Product Development and Technology - The first BOPP film production line was launched in November 2025, with a second line expected in late 2026, focusing on thin and ultra-thin film products [4] - BOPP film production lines are expected to have an annual capacity of approximately 24,000 tons, depending on product thickness, with a total of nine lines planned [4] Raw Material Supply and Industry Barriers - The supply of electrical-grade polypropylene remains low in domestic production, with the company sourcing materials from overseas suppliers [5] - The BOPP capacitor film industry has high entry barriers due to the quality of raw materials and the maturity of production technology, which are critical for product performance [5] Customer Base and Sales Growth - Recent sales growth has been driven by both existing and new customers, with a focus on increasing coverage of small and medium-sized clients [6] - The company benefits from stable demand from large enterprises, which helps optimize production scheduling and capacity utilization [6] Environmental Initiatives - BOPLA, a biodegradable film material made from polylactic acid, offers strong biodegradability and physical strength, making it suitable for various applications while supporting sustainability goals [8][9] - BOPA film materials provide excellent barrier properties, extending the shelf life of products and reducing the need for additives, making them ideal for food and consumer goods [9]